Citigroup Boosts Chevron Rating: A Look at Institutional Investors
On November 26, 2024, Citigroup upgraded their outlook for Chevron (SNSE:CVXCL) from Neutral to Buy.
Institutional Sentiment Towards Chevron
Currently, 4,810 funds or institutions hold positions in Chevron, reflecting a decrease of 24 owners or 0.50% from the previous quarter. The average portfolio weight dedicated to CVXCL across all funds is 0.51%, which marks a substantial increase of 27.91%. Over the last three months, total shares held by institutions have seen a decline of 1.97%, now totaling 1,532,037K shares.
Key Institutional Stakeholders
BlackRock remains a significant player, holding 128,959K shares, which accounts for 7.18% of the company’s ownership. Similarly, Berkshire Hathaway retains 118,611K shares, representing 6.60% ownership, with no changes observed over the last quarter.
The Vanguard Total Stock Market Index Fund (VTSMX) reports owning 55,079K shares which signifies a 3.06% stake. This reflects a minor decrease of 0.65% from their previous holding of 55,435K shares, along with a 12.14% reduction in portfolio allocation over the last quarter.
Vanguard 500 Index Fund (VFINX) holds 44,549K shares, accounting for 2.48% ownership. This shows a slight increase of 1.26% from the prior total of 43,990K shares. The firm’s allocation in CVXCL, however, decreased by 12.26% during the last quarter.
The Energy Select Sector SPDR Fund (XLE) holds 37,372K shares, which represents 2.08%. In the prior filing, their shares amounted to 43,018K shares, indicating a noteworthy decrease of 15.11%. Their portfolio allocation in CVXCL also dropped by 12.66% during the last quarter.
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